Schulz, a conditional member of the Champions Tour, logged his first professional victory in 19 years thanks to a birdie at the 17th hole that allowed him to finish at 14-under 202.
That was one shot better than Tom Pernice Jr., who carded a 5-under 67 to finish at 13-under 203.
Tom Kite (69) and Mark Calcavecchi (69) finished knotted for third one shot further back at minus-12.
Fred Couples grabbed sole possession of fifth place at minus-11 after registering a 4-under 68.
Schulz last tasted victory in the 1991 Los Angeles Open on the PGA Tour. He was making just his 12th start on the Champions Tour.